Yeah, University of Southern Mississippi does provide scholarships based on merit. Here are some of them:

Freshman Academic Scholarship
Total Worth: Full value of tuition
Eligibility: Full value of tuition
Minimum Criteria: 30-36 ACT + Core GPA of 3.0 or higher
Separate application needed: No

Honors College Presidential Scholarship
Total Worth: Scholarship equivalent to the cost of tuition, campus housing, a meal plan, and educational allowance for four years
Eligibility: Scholarship equivalent to the cost of tuition, campus housing, a meal plan, and educational allowance for four years
Minimum Criteria: a composite of 30 ACT or higher
Separate application needed: No

Honors College Discovery Scholarship
Total Worth: Full cost of tuition for four years; The cost of campus housing for the fall and spring semesters of freshman year ; A one-time $5,000 scholarship toward the USM study-abroad program of the recipient’s choice; A one-time $1,750 research grant designed to support Honors College thesis research
Eligibility: Full cost of tuition for four years; The cost of campus housing for the fall and spring semesters of freshman year ; A one-time $5,000 scholarship toward the USM study-abroad program of the recipient’s choice; A one-time $1,750 research grant designed to support Honors College thesis research
Minimum Criteria: a composite of 30 ACT or higher
Separate application needed: No

University of Southern Mississippi provides aids at an average of 13096 per student meeting 76% of students need. 99% of students with need receive financial aid at an average of 4724 need-based grant. They also provide other scholarships including The Pierce Legacy Scholars Program and C. Caruthers Sullivan, Jr. Memorial Scholarship Endowment.